Been through a many years of renting, you’re desire to have a own home and form a family of your own. Once you’re ready to take the leap into home ownership, the very first step you will need to do is save for a down payment which is typically at least 20% of the property purchase price. It’s by no means a fast and easy feat. Here we share with you the ways to save for a down payment fast with a little ingredient of creativity which can may be more attainable than you think.
Buying A House? 6 Ways To Save For A Down Payment Fast Share on X➊ Save every single change
Find a change jars or a small barrels of gasoline are the most useful way to save for a down payment fast. If may not seem as though you’re accumulating much when you throw a few quarters and dimes into it, but it adds up over time! By the weight of the jars or small barrels of gasoline, you can see the progress you’re making as well.
Alternatively, you can round up the purchase amounts in your checking account to the next dollar and then transfer that extra money to a savings account. You can consider it as your digital change jar.
➋ Become a “DIYer”
Become a “DIYer” can help yourself to save for a down payment fast. For example, through the online survey, baking soda and vinegar are the extremely good helpers in the kitchen, these both can also be used to make cleaning solutions, homemade bubble baths and makeup wipes. Hence, you no need to buy other branded products to clean the floor and stove. Alternatively, you can making your own products and sell it online, so that you can earn the extra money and you are just few more step further to reach the amount of a down payment of your dream home.
➌ Monetize your talent
Everyone has their own talent, and no matter what your talents may be, there is often a channel for you to earn profit from them. For example: if you are a good speaker, you can become an emcee of some events. If you can sing well, you too can become a singer of some events or be a bar singer to create another source of income.
Think about it like: This talent is the thing that other people can’t take away from you and not everybody can do as good as you. In reverse, they are more likely willing to pay you for your skills.
You can also make your talents into the form of tutoring. Are you good at certain subject such as online marketing, graphic design, website development, make up, hairstyles and etc. You can make a class/ video to teach other beginners get their start. It seem a very good way to save for a down payment of your dream house.
➍ Sell the assets
Part of the down payment could have already be around you. Take inventory of everything you have in your house or in your bag. For example, if you have 3 LCD TVs in your house because they were cheap and you just started accumulating them, see whether you can’t get rid of some of those assets and see whether they can be turned into revenue to you.
Once you have list down the stuff that you wanted to get rid of, you can sell it on either online or sub-sale market place.
➎ Let your savings grow
Once you have save for a certain period, consider to invest your saving in things such as stock market or fixed deposit. Stock market may be risky and lost all your money in sudden, so, do educate yourself well before put your hard earned money into it. Alternatively, you can open a fixed deposit account which can generate higher interest than a regular savings account to you. You can compare which banks offer the better interest rate for a fixed deposit account.
Before you decide to put your savings into either one, make sure you have seek advice from a professional who can guide you on your options and tell you about the risks.
➏ Cut-off the unnecessary subscription
Almost everything you subscribed to or pay for can be replace with a cheaper alternative. For mobile data, you should compare the offer with separate mobile company and get the cheapest one. Unsubscribe Astro and subscribe to Tonton instead. Or, ditch your gym membership and work out either at your home or garden. While non of these are major changes, but they will make a huge difference over time.
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